Mr. Lloyd George is a very ingenious controversialist, and Mr.
Boner Law, no doubt in certain matters of detail, did not put his case very happily. When, however, every allowance is made for this the fact remains that Mr. Lloyd George's handling of the national finances has been a hideous failure. In expenditure he has been profligate in the extreme. Money has been poured out like water, but the irrigation has pro- duced little or no fruit, and has often been actively harmful. Instead of guarding the public purse he has proved to be the chief of the robbers. In the matter of new taxes he has been quite as great a failure. He has committed. the unforgivable sin of inventing taxes which harass and depress the taxpayer, and tend to paralyse exchanges,: and yet are worthless as instruments for raising revenue. Could a Chancellor of the Exchequer have a worse record P
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